October 1, 2011UncategorizedComments Off on Dunne: Gift duty leaves the law books today

Press Release – New Zealand Government

Saturday, 1 October 2011 Media Statement Dunne: Gift duty leaves the law books today The burden of gift duty that cost New Zealanders $70 million a year to comply with for a tax haul of only about a million dollars annually was today lifted off New …Hon Peter DunneMinister of RevenueSaturday, 1 October 2011 Media Statement

Dunne: Gift duty leaves the law books today
The burden of gift duty that cost New Zealanders $70 million a year to comply with for a tax haul of only about a million dollars annually was today lifted off New Zealanders’ shoulders.

‘The law removing it was passed in August and came into effect today, and is something I am delighted to have brought about under my watch,” Revenue Minister Peter Dunne said today.

‘Gift duty had long since stopped serving a meaningful purpose and had become an antiquated and bureaucratic imposition on people and businesses,” Mr Dunne said.
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He said the change also symbolised how New Zealand was moving towards a more efficient, lower compliance tax regime.

“Gift duty has continued to impose $70 million of compliance costs on New Zealanders each year, while no longer serving its intended purpose.

“As I have said before, it is a relic of the estate duty era, long since passed, and it has been overtaken by other developments rendering it obsolete.